CMA approves Al Razi Medical's IPO of 304,000 shares on Nomu

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The Capital Market Authority’s (CMA) board approved an application filed by Al Razi Medical Co. to float 304,000 shares, or 20% of its share capital, on Nomu-Parallel Market, according to a statement today, April 3.

The offering will be confined to qualified investors stipulated in the glossary of defined terms used in the regulations and rules of the CMA.

The prospectus will be published within sufficient time prior to the start of the offering.

The approval is effective six months from the CMA’s resolution date. It will be deemed canceled if the offering and listing of the company's shares are not completed within this period.

Al Razi Medical,  a unit of Hussain Al-Nemer investment group (HNS), was established in 1986. The Dammam-based company specializes in supplying medical equipment and has capital of SAR 60 million. 

It started business in 1986 as a retailer medical showroom in Dammam to provide services to the end users. The company started to penetrate the wholesale market to sell for governmental hospitals. In the 1990s Al Razi Medical expanded its business in all over the Kingdom. It established showrooms in Riyadh, Dammam and Jeddah. 

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